Lee & Associates – Pasadena Successfully Closes 3223 Del Mar Avenue in Rosemead
January 2, 2025 (Pasadena, CA) – Lee & Associates – Pasadena
Principal, David Chen and Associate, Gregory Kho, represented the Buyer and the Seller in a sale and leaseback of 3223 Del Mar Ave, Rosemead, CA 91770.
3223 Del Mar Ave is a two story 6,484 sf property built in 1991, with 3 separate office/medical office units. The Seller’s built the office building themselves and have occupied the majority of the building, while generating rental income from the two smaller units.
Our Sellers were a group of CPAs looking to exit their partnership with one retired and the other 3 on their way to retirement. They requested a leaseback to help transition all parties in a smooth and equitable manner along their individual timelines. The transaction was complex as there were 4 decisionmakers on the Seller side, which also required signatures from their 4 spouses.
“The leaseback was a difficult request as the most likely buyer would be an owner-user looking to occupy immediately or within a few months. Fortunately, we represented another international CPA firm that is growing and consolidating offices that was willing to be flexible with their move in date.” explains David Chen
“This transaction had significant moving parts that required daily communication with the Sellers, Buyer and Buyer’s Lender; a new lease was created for the sale-leaseback, the existing lease from the current tenant was transferred, all with terms acceptable to the Sellers, the Buyer and the Buyer’s lender. This was a great close for both our clients as we were able to help facilitate a smooth transition while achieving everyone’s objective.” explains Gregory Kho.
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| David Chen Principal 626.240.2778 dchen@lee-associates.com License ID 01923629 |
Gregory Kho Associate 626.240.2725 gregory.kho@lee-associates.com License ID 02033257 |
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ABOUT LEE & ASSOCIATES
Lee & Associates – Pasadena is a full service commercial real estate company headquartered in Pasadena, CA. Our client-focused brokers specialize in office, retail, tenant advisory, multifamily, and investment sales. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit lee-pasadena.com.
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